Helix Energy Solutions Group Inc (HLX) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to Q1 2025 Helix Energy Solutions Group INC earnings conference call. All lines have been placed on mute to prevent any background noise.

感謝您的支持，歡迎參加 2025 年第一季 Helix Energy Solutions Group INC 收益電話會議。所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session. (Operator Instructions) I would now like to turn the call over to Mr. Brent Arriaga; CFO and Vice President for Finance and Accounting. Please go ahead.

演講者發言後，將進行問答環節。（操作員指示）現在，我想將電話轉給財務長兼財務和會計副總裁 Brent Arriaga 先生。請繼續。

Good morning everyone and thanks for joining us today on our conference call. We'll be reviewing our first quarter of 2025 earnings release, participating on this call for Helix today, our Owen Kratz, our CEO; Scotty Sparks, our COO; Erik Staffeldt, our CFO; Ken Neikirk, our general counsel; Daniel Stuart, our Vice President of commercial; and myself.

大家早安，感謝大家今天參加我們的電話會議。我們將審查 2025 年第一季的收益報告，今天參加 Helix 電話會議的有我們的執行長 Owen Kratz、我們的營運長 Scotty Sparks、我們的財務長 Erik Staffeldt、我們的總法律顧問 Ken Neikirk、我們的商業副總裁 Daniel Stuart 和我自己。

Hopefully you've had an opportunity to review our press release and the related slide presentation released last night. If you do not have a copy of these materials, both can be accessed through the investor relations page on our website at www.helixesg.com.

希望您有機會閱讀我們昨晚發布的新聞稿和相關幻燈片演示。如果您沒有這些資料的副本，可以透過我們網站 www.helixesg.com 上的投資者關係頁面存取。

The press release and slides can be accessed under the news and events tab.

新聞稿和幻燈片可在「新聞和事件」標籤下存取。

Before we begin our prepared remarks, Ken Neikirk will make a statement regarding forward-looking information. Ken.

在我們開始準備好的發言之前，肯·尼柯克 (Ken Neikirk) 將就前瞻性資訊發表聲明。肯。

During this conference call, we anticipate making certain projections and forward-looking statements based on our current expectations and assumptions as of today. Such forward-looking statements may include projections and estimates of future events, business or industry trends, or business or financial results. All statements in this conference call or in the associated presentation other than statements of historical facts are forward-looking statements and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

在本次電話會議中，我們預計將根據目前的預期和假設做出某些預測和前瞻性陳述。此類前瞻性陳述可能包括對未來事件、業務或行業趨勢或業務或財務結果的預測和估計。本次電話會議或相關演示中除歷史事實陳述外的所有陳述均為前瞻性陳述，均根據 1995 年《私人證券訴訟改革法》的安全港條款作出。

Our actual future results may differ materially from our projections and forward-looking statements due to a number and variety of risks, uncertainties, assumptions, and factors, including those set forth in slide 2 of our presentation and our most recently filed annual report on Form 10K, our quarterly reports on Form 10, and in our other filings with the SEC. You should not place undue reliance on forward-looking statements, and we do not undertake any duty to update any forward-looking statement.

由於存在多種風險、不確定性、假設和因素，包括我們簡報第 2 張投影片和我們最近提交的 10K 表年度報告、10 表季度報告以及我們向美國證券交易委員會提交的其他文件中列出的風險、不確定性、假設和因素，我們的實際未來結果可能與我們的預測和前瞻性陳述存在重大差異。您不應過度依賴前瞻性陳述，我們也不承擔更新任何前瞻性陳述的義務。

We disclaim any written or oral statements made by any third party regarding the subject matter of this conference call. Also, during this call, certain non-gap financial disclosures may be made in accordance with SEC rules. The final slides of our presentation provide reconciliation of certain non-gap measures to comparable GAAP financial measures. These reconciliations, along with this presentation, the earnings press release, our annual report on Form 10,000.

我們不承認任何第三方就本次電話會議主題所發表的任何書面或口頭聲明。此外，在本次電話會議期間，可能會根據美國證券交易委員會 (SEC) 規則進行某些非差距財務揭露。我們簡報的最後一張投影片提供了某些非差距指標與可比較 GAAP 財務指標的對帳。這些對賬，連同本簡報、收益新聞稿以及我們的 10,000 表年度報告。

And a replay of this broadcast will be available under the for the Investor section of our website at www.thelixesg.com. Please remember that information on this conference call speaks only as of today, April 24, 2025, and therefore you are advised that any time sensitive information may no longer be accurate as of any replay of this call. Owen

本次電話會議的重播可在我們網站 www.thelixesg.com 的「投資者」版塊觀看。請注意，本次電話會議中的資訊僅截至 2025 年 4 月 24 日，因此，任何時間敏感資訊在重播後可能不再準確。歐文

Thanks. We delivered by higher rates in our Brazil oil intervention business and on our cu vessels.

謝謝。我們在巴西石油幹預業務和立方英尺船舶上實現了更高的費率。

Revenues for the quarter were $278 million with a gross profit of $28 million resulting net income of $3 million. Adjusted with $2 million for the quarter and we had positive operating cash flow of $16 million resulting in free cash flow of $12 million. Our cash and liquidity remains strong with cash and cash equivalents of $370 million and liquidity of $405 million.

本季營收為 2.78 億美元，毛利為 2,800 萬美元，淨收入為 300 萬美元。本季調整後為 200 萬美元，我們的營運現金流為 1,600 萬美元，自由現金流為 1,200 萬美元。我們的現金和流動性仍然強勁，現金和現金等價物為 3.7 億美元，流動性為 4.05 億美元。

Before I turn the call over to Scotty. Excuse me, I'd like to provide our view of the macro backdrop, briefly address the current market environment, acknowledge the uncertainty our sector is facing and highlight the way Helix is addressing that uncertainty.

在我把電話轉給斯科蒂之前。對不起，我想提供我們對宏觀背景的看法，簡要介紹一下當前的市場環境，承認我們行業面臨的不確定性，並強調 Helix 應對這種不確定性的方式。

We know that earlier in the month, the US announced drastic tariff hikes and OPEC announced significant increases to production and as a consequence we've seen a lot of upheaval in the global financial markets and oil drop to the low 60s. These events are in addition to other challenges already facing our industry, which we'll address later on.

我們知道，本月早些時候，美國宣布大幅提高關稅，石油輸出國組織宣布大幅增加產量，結果我們看到全球金融市場發生劇烈動盪，油價跌至 60 美元以下。這些事件是我們行業面臨的其他挑戰的補充，我們稍後會解決這些挑戰。

But all of this is to say we're operating in a dynamic, changing, challenging and uncertain market environment. Helix is in a good place to meet these challenges. At quarter end, we had approximately $1.4 billion of backlog. Our balance sheet is perhaps as strong as it's ever been with negative net debt.

但所有這些都表明我們正處於一個動態、變化、充滿挑戰和不確定的市場環境中。Helix 已做好充分準備來應對這些挑戰。截至本季末，我們的積壓訂單約為 14 億美元。我們的資產負債表可能和以前一樣強勁，淨債務為負。

No significant maturities until 2029 and a war chest of cash on hand. Even in this environment, we're still forecasting to generate $100 million to $160 million in free cash flow for 2025. We're also reacting quickly, taking steps to lower costs by stacking several vessels and adjusting our capital spending. To say OSV is a cyclical business is an understatement and to be sure we're navigating a new set of challenges today.

2029 年之前沒有重大債務到期，並且手頭上有大量現金。即使在這種環境下，我們仍然預測 2025 年將產生 1 億至 1.6 億美元的自由現金流。我們也迅速做出反應，採取措施透過堆疊多艘船隻和調整資本支出來降低成本。說OSV是一個週期性業務是輕描淡寫的說法，可以肯定的是，我們今天正在應對一系列新的挑戰。

Our business is resilient and built to withstand these cycles. I believe in the value proposition we provide our customers, whether production enhancement, decommissioning in deep or shallow water, fossil fuels, or renewable.

我們的業務具有韌性，能夠承受這些週期。我相信我們為客戶提供的價值主張，無論是提高產量、深水或淺水退役、化石燃料或再生能源。

As we present the details of our quarterly results and our updated outlook for 2025, know that we recognize the challenges of the current macro environment and that Helix remains well positioned, perhaps uniquely to meet these challenges.

當我們介紹季度業績細節和 2025 年最新展望時，請注意，我們認識到當前宏觀環境的挑戰，並且 Helix 仍然處於有利地位，或許具有獨特的能力來應對這些挑戰。

With that, I'll turn the call over to Scotty.

說完這些，我將把電話轉給斯科蒂。

Thanks, Owen. Good morning, everyone. Continuing on slide 6, highlights for the first quarter include, we commenced operations with the Q7000 in Brazil for Shell on the 400-day contract plus options. The Seam Helix 2 commenced a new three-year contract, continuing work for Petrobras at higher rates, and we commenced operations on the trim, our dedicated site clearance vessel in the North Sea.

謝謝，歐文。大家早安。繼續第 6 張投影片，第一季的亮點包括我們根據 400 天的合約加上選擇權開始在巴西為殼牌運營 Q7000。Seam Helix 2 號開始了一份新的三年合同，以更高的費率繼續為巴西石油公司工作，而我們則開始在北海使用我們的專用場地清理船 trim 號進行作業。

And signed one of our largest trenching contracts to date for over 300 days of trenching in 2026 on the Hornsea Free wind farm in the UK. And renewal of the HWCG contract through March of 2027.

並簽署了迄今為止最大的挖溝合約之一，合約將於 2026 年在英國 Hornsea Free 風電場進行超過 300 天的挖溝作業。並將 HWCG 合約續約至 2027 年 3 月。

Over to slide 8. Slide 8 provides a more detailed review of our segment results and segment utilization.

翻到幻燈片 8。幻燈片 8 更詳細地回顧了我們的分部績效和分部利用率。

In the first quarter, we continue to operate globally with minimal operational disruption with operations in Europe, Asia Pacific, Brazil, Africa, the Gulf of America, and the US East Coast. As I mentioned, our solid 1st quarter results were driven by our Well intervention markets globally, along with good seasonal results from our robotics group.

第一季度，我們繼續在全球範圍內開展業務，並將營運中斷降至最低，業務範圍包括歐洲、亞太地區、巴西、非洲、美洲灣和美國東海岸。正如我所提到的，我們第一季的穩健業績得益於我們全球的井下作業市場以及我們機器人集團良好的季節性業績。

Moving to slide 9. Slide 9 provides further detail of our well intervention segment. In Q1, we achieved strong utilization in West Africa, the Gulf of America, and Brazil performing very well with solid overall uptime efficiency.

移至幻燈片 9。幻燈片 9 提供了有關我們的井下作業部分的更多詳細資訊。在第一季度，我們在西非、美洲灣和巴西實現了強勁的利用率，表現非常出色，整體正常運作時間效率很高。

On North Sea vessels, the Well Enhancer and Seawell were impacted by the winter season slowdown, resulting in lower utilization and both vessels being warm stacked through most of the quarter. The Well Enhancer commenced work in March and the Seawell completed a planned regulatory dry docking.

在北海船舶中，Well Enhancer 和 Seawell 受到冬季放緩的影響，導致利用率下降，兩艘船在本季度的大部分時間都處於熱堆狀態。井增強器於三月開始工作，Seawell 完成了計劃中的監管乾船塢。

In the North Sea due to the windfall tax, the operator merger announcements and combined with recent events that have resulted in a lower oil price, we are seeing some operators pause work. In response, we adjusting our operations in the region to align with the decrease in activity and are now in the process of stacking the Seawell at a low cost base for the remainder of 2025.

在北海，由於暴利稅、營運商合併公告以及近期導致油價下跌的事件，我們看到一些業者暫停工作。作為回應，我們調整了該地區的運作以適應活動的減少，目前正以低成本在 Seawell 基地堆放，以應對 2025 年的剩餘時間。

The Q7000 completed its paid transit to Brazil and then completed a 47-day planned regulatory docking prior to commencing work for Shell on the 400 day plus options decommissioning campaign.

Q7000 完成了付費運輸至巴西，然後完成了為期 47 天的計畫監管對接，之後開始為殼牌進行為期 400 多天的選擇退役活動。

Staying with Brazil, in January, the SH2 commenced a new three-year contract with Petrobras at higher rates, and the SH1 also recognized the full quarter of Trident one-year contract extension at higher rates. We had a very strong quarter for both the US-based Q units. The Q4000 continued operations in Nigeria and she is currently transiting back to the Gulf of America and is contracted with work once she returns.

繼續說巴西，1 月份，SH2 與巴西石油公司開始簽訂新的三年期合同，費率較高，SH1 也以較高的費率確認了 Trident 一年期合同延期的整個季度。本季度，我們位於美國的兩個 Q 部門的業績都非常強勁。Q4000 繼續在尼日利亞運營，目前正在返回美洲灣，並已簽訂返回後的工作合約。

The Q5000 worked the entire quarter for Shell in the Gulf of America and in Q2, she will undertake a planned regulatory docking period.

Q5000 整個季度都在美洲灣為殼牌工作，第二季度，她將進行計劃中的監管對接期。

Moving to slide 10 provides further detail of our robotics business. Robotics had a strong quarter considering the seasonal winter conditions. The business performed at high standards, operating 6 vessels during the quarter, working between trenching, ROV support and site survey work on renewables and oil and gas related projects globally.

翻到第 10 張幻燈片，進一步了解我們的機器人業務。考慮到冬季的季節性條件，機器人產業本季表現強勁。該業務表現優異，本季營運了 6 艘船舶，在全球範圍內從事挖溝、ROV 支援和現場勘測工作，涉及再生能源和石油天然氣相關項目。

Robotics worked 4 vessels on renewables related projects within the quarter and had good seasonal vessel utilization overall. With two vessels working on trenching projects, the GC3 and the North Sea enabler are trenching in Europe, while the Glomar wave and the recently contracted trim support vessel are working on renewable site clearance work in Europe.

本季度，機器人公司在 4 艘船舶上開展了可再生能源相關項目，並且總體而言，季節性船舶利用率良好。有兩艘船正在從事挖溝項目，GC3 號和北海推動器號正在歐洲進行挖溝作業，而 Glomar 波浪號和最近簽約的修剪支援船正在歐洲從事可再生場地清理工作。

The Shelia Bordelon in the Gulf of America and the GC2 in the Asia Pacific region both completed planned regulatory docking periods in the quarter, and the GC2 then completed an ultra-deep water salvage project offshore Japan.

美國灣的「Shelia Bordelon」號和亞太地區的「GC2」號均在本季度完成了計畫中的監管對接期，隨後「GC2」號在日本近海完成了一項超深水打撈計畫。

Our renewables and trenching outlook remain very robust with numerous contracted works in 2025, '26, and '27. The long-term outlook for the global renewables market is very strong with tender activity as far out as 2032.

我們的再生能源和挖溝前景依然強勁，2025 年、2026 年和 2027 年將有大量合約工程。全球再生能源市場的長期前景非常強勁，招標活動將持續到 2032 年。

Slide 11 provides further detail of our shallow water abandonment business.

投影片 11 提供了有關我們的淺水廢棄業務的更多詳細資訊。

Q1 activity levels reflect the expected low seasonal utilization and we are now starting to see activity levels increase with the commencement of the season and expect the shallow water abandonment business to have improved utilization in Q2 and Q3.

Q1 活動水準反映了預期的季節性低利用率，現在我們開始看到活動水準隨著季節的開始而增加，並預計淺水廢棄業務的利用率將在第二季和第三季提高。

We have temporarily stacked several of the smaller vessels as a cost reduction measure based on the current market levels, but continue to believe in the long-term outlook of this segment as well as continue to age and customers reduce their decommissioning obligations.

根據目前的市場水平，為了降低成本，我們暫時停運了幾艘小型船舶，但我們仍然相信該領域的長期前景，並且相信船舶會繼續老化，客戶也會減少其退役義務。

In summary, we had another very good quarter considering the seasonal factors and I would like to thank our employees for their efforts, delivering the game at a high level of execution and for securing a strong backlog and long-term contracts to produce what should still be a strong year for Helix despite the current uncertainty. I will now turn the call over to Brent.

總而言之，考慮到季節性因素，我們又度過了一個非常好的季度，我要感謝我們的員工的努力，他們以高水平的執行力交付了遊戲，並確保了強大的積壓訂單和長期合同，儘管目前存在不確定性，但這對 Helix 來說仍然是強勁的一年。現在我將電話轉給布倫特。

Thanks, Scotty. Moving to slide 13, it outlines our dead instruments and key balance sheet metrics as of March 31.

謝謝，斯科蒂。移至第 13 張投影片，它概述了截至 3 月 31 日我們的死資產工具和關鍵資產負債表指標。

At quarter end, we had $370 million of cash and availability under the ABL facility of $63 million with resulting liquidity of $405 million. Our funded debt was $319 million and we had negative net debt of $59 million at quarter end. Our balance sheet is strong and is expected to strengthen further as we continue to anticipate generating meaningful free cash flow and have minimal debt obligations between now and 2029.

截至本季末，我們擁有 3.7 億美元現金，ABL 信貸額度下可用資金為 6,300 萬美元，流動資金總額達 4.05 億美元。我們的已償債務為 3.19 億美元，季末淨債務為負 5,900 萬美元。我們的資產負債表強勁，預計會進一步增強，因為我們預計從現在到 2029 年將產生有意義的自由現金流，並將債務負擔降至最低。

Slide14 has been provided to illustrate the impact that seasonality has historically had on our overall results.

投影片 14 用來說明季節性對我們整體業績的歷史影響。

I will now turn the call over to Erik for discussion on our outlook.

現在我將把電話轉給埃里克，討論我們的前景。

Thanks, Brent. As we provide an outlook for the remaining balance of 2025, we must account for the significant impact the current geopolitical environment has had on our energy sector, our offshore market, and our near-term activities.

謝謝，布倫特。在我們對 2025 年剩餘時間做出展望時，我們必須考慮當前地緣政治環境對我們的能源部門、海上市場和近期活動的重大影響。

We have a negative UK North Sea market driven by difficult regulatory environment, low oil prices, and operational paralysis from M&A activity. We have a negative oil supply dynamics with greater than expected supply increases by OPEC and we have negative oil demand dynamics and ongoing uncertainty from the global tariff war and other political regulatory developments.

由於監管環境艱難、油價低迷以及併購活動導致的營運癱瘓，英國北海市場表現不佳。由於石油輸出國組織（OPEC）的供應增幅超過預期，我們的石油供應情況為負；同時，我們的石油需求情勢為負，全球關稅戰和其他政治監管發展帶來持續的不確定性。

With the challenging macro backdrop and lower oil prices, market risk for our spot assets and services has increased. The decision to stack the Seawell due to the weak North Sea well intervention market is the primary driver for the adjustment to our outlook. In our outlook, we have endeavored to account for the increased uncertainty and risk in our markets. We are adjusting our outlook as follows.

在充滿挑戰的宏觀環境和油價下跌的背景下，我們的現貨資產和服務的市場風險增加。由於北海油井幹預市場疲軟，我們決定對 Seawell 進行擴建，這是我們調整前景的主要驅動力。在我們的展望中，我們努力解釋市場中日益增加的不確定性和風險。我們正在調整我們的展望如下。

Revenue approximately $1.3 billion with a range of $1.25 billion to 1.41 billion. Revenues are decreasing with the stacking of the sea.

營收約為 13 億美元，介於 12.5 億美元至 14.1 億美元之間。隨著海水堆積，收入正在減少。

EBITDA approximately $275 million with the range plus or minus 10% decreasing with the stacking of the sea and the overall negative market.

EBITDA 約為 2.75 億美元，隨著海運和整體負面市場的堆積，其範圍在正負 10% 之間下降。

Free cash flow, approximately $130 million with a range plus or minus $30 million variability driven by our ultimate EBITDA as well as working capital movements.

自由現金流約 1.3 億美元，其波動範圍為正負 3,000 萬美元，受最終 EBITDA 以及營運資本變動的影響。

Capital expense $65 million to $75 million. Our spending is primarily a mix of regulatory maintenance on our vessels, intervention system and fleet renewal of robotics ROB.

資本支出6500萬至7500萬美元。我們的支出主要用於船舶的監管維護、幹預系統和機器人 ROB 船隊更新。

These ranges include some key assumptions and estimates, adjusting for the current market environment and with any significant variation from these key assumptions and estimates causing results that could fall outside the estimates and ranges provided.

這些範圍包括一些關鍵假設和估計，根據當前市場環境進行調整，這些關鍵假設和估計的任何重大變化都可能導致結果超出所提供的估計和範圍。

Our quarterly results typically follow a seasonal pacing with a more active summer months and slower winter months. The timing our vessel maintenance periods and project mobilizations will cause variances between quarters. For 2025, our second quarter will be impacted by the Q5000 maintenance period and the Q4000 transiting back to the Gulf of America. With these non-revenue periods, we expect our second quarter results to be approximate our first quarter results. With these quarterly impacts and capital spend expected to be front loaded, the timing of our free cash flow generation is still expected to be skewed to the latter part of the year.

我們的季度業績通常遵循季節性節奏，夏季較為活躍，冬季則較為緩慢。我們的船舶維護期和專案動員的時間安排將導致季度之間的差異。2025 年，我們的第二季將受到 Q5000 維護期和 Q4000 返回美國灣的影響。由於這些非收入期，我們預計第二季的業績將與第一季的業績大致相同。由於這些季度影響和資本支出預計將提前，我們自由現金流產生的時間預計仍將偏向今年下半年。

Providing key assumptions by segments and regions starting on slide 17. 1st, our well intervention segment, the Q4000, as I said, currently returning to the Gulf of America with completion of its Africa campaign in early April. The Q5000 has contracted work in every quarter with limited white space to fill its schedule. We expect both vessels to have good utilization this year with some gaps to fill late in the year.

從幻燈片 17 開始按細分市場和地區提供關鍵假設。首先，正如我所說，我們的井下作業部門 Q4000 目前已返回美洲灣，並於 4 月初完成了非洲作業。Q5000 每季都有承包工作，可供填補的空白時間有限。我們預計這兩艘船今年的使用率都會很高，但年底會有一些缺口需要填補。

As we have discussed, the UK North Sea is significantly weaker than we had planned. The combination of basin specific issues, weaker oil prices, and operator M&A has stalled activity. As a result, we have stacked the Seawell, and we're focusing work on the Well Enhancer. Even so, there is continued risk to our UK well intervention outlook. The Q7000 is operating for Shell in Brazil on a firm 400-day project. The Siem Helix 2 is on contract for Petrobras. The Siem Helix 1 is performing well abandonment work for Trident with contracted work into the second half of 2025 followed by a three-year contract with Petrobras. The vessel is expected to have an approximate 30-day off hire period between contracts.

正如我們所討論的，英國北海的水位比我們預期的要弱得多。盆地特定問題、油價疲軟以及營運商併購等因素導致活動停滯。因此，我們堆積了 Seawell，並將工作重點放在 Well Enhancer 上。即便如此，我們對英國油井幹預前景的展望仍存在風險。Q7000 正在巴西為殼牌公司執行為期 400 天的計畫。Siem Helix 2 是與巴西石油公司簽訂的合約。Siem Helix 1 正在為 Trident 執行井廢棄工作，合約工作將持續到 2025 年下半年，之後還將與巴西石油公司簽訂三年合約。預計該船在兩次合約之間有大約 30 天的停租期。

Moving to robotics, the robotics market is a mixed bag with some positive developments against the challenging backdrop. We recently announced the significant trenching contract in the North Sea, representing over 300 days of trenching. Bidding activity has been and continues to be extremely active. The moratorium on US wind farm development and the recent stop work order by the Department of Interior are counter to the positive market, but provides examples of this uncertain climate.

談到機器人技術，機器人市場狀況好壞參半，但在充滿挑戰的背景下也取得了一些正面的發展。我們最近宣布了北海重要的挖溝合同，這意味著挖溝超過 300 天。競標活動一直非常活躍，並將繼續如此。美國暫停風電場開發以及內政部最近發布的停工令與積極的市場背道而馳，但卻提供了這種不確定氣候的例子。

In the APAC region, the Grand Canyon 2 has contracted work through Q3 with identified opportunities thereafter. The T1400-1 trencher is working on a client provide vessel and is expected to remain in Taiwan through the end of 25.

在亞太地區，大峽谷 2 號已簽訂了第三季度的工作合同，並確定了此後的合作機會。T1400-1挖溝機正在客戶提供的船上工作，預計將在台灣停留至25年底。

In the North Sea, the Grand Canyon 3 is expected to have an active trenching season with overall strong utilization. The North Sea enabler has contracted trenching projects in Q3 and Q4.

在北海，大峽谷 3 號預計將迎來活躍的挖溝季節，整體利用率很高。北海推動者已在第三季和第四季承包了挖溝計畫。

The Glomar wave is forecasted to have good utilization performing site clearance operation.

預計 Glomar 波將在執行場地清理作業方面發揮良好作用。

The Trym site clearance vessel commenced operations in March and is expected to have good utilization through Q3. The T1400-2 trencher is contracted for its first work in the Mediterranean.

Trym 場地清理船於 3 月開始運營，預計第三季將得到良好的利用。T1400-2 挖溝機首次在地中海地區開展工作。

In the US, Shelia Bordelon has contracted work in the Gulf of America and the US East Coast into Q3. Also, although some of that East Coast work is now in question with the stop work order on the Empire Wind Project.

在美國，Shelia Bordelon 已簽訂了第三季在美國灣和美國東岸的工作合約。此外，由於帝國風電工程停工令，東海岸的部分工程目前也受到質疑。

The HP1 is on contract for the balance of 2025 recently extended to June of 26 with no currently expected change. We have expected variability with production as Droshky Field continues to deplete and Thunder Hawk is shut in.

HP1 的合約期限為 2025 年，最近已延長至 2026 年 6 月，目前預計不會有變化。隨著 Droshky 油田繼續枯竭以及 Thunder Hawk 油田關閉，我們預計產量將會改變。

Continuing to shallow water abandonment. Our shallow water abandonment segment will have seasonal variability with greater impacts in Q1 and Q4. We have reduced our cost structure commensurate with our current market, but we are retaining the ability to scale back up if the market improves. We expect the market to be flat to marginally better than 24 absent any regulatory developments, albeit also impacted by the current macro environment.

繼續淺水棄置。我們的淺水廢棄部分將受到季節性變化的影響，第一季和第四季的影響更大。我們已經根據目前市場降低了成本結構，但如果市場好轉，我們仍保留縮減成本的能力。我們預計，在沒有任何監管發展的情況下，市場將持平或略好於 24，儘管也會受到當前宏觀環境的影響。

We expect the offshore business to maintain good utilization on 5 to 7 lift boats with some variability seasonality on the OSVs and crew boats. The energy services should have seasonal utilization for up to 12 P&A spreads and 3 coal tubing units.

我們預計海上業務將在 5 至 7 艘起重船的基礎上保持良好的利用率，而 OSV 和船員船的使用將受到一些季節性的影響。能源服務應具有最多 12 個 P&A 單元和 3 個煤管單元的季節性利用率。

There is seasonality in the diving and heavy lift business where the Epic Hedron is currently idle and it is expected to mobilize in May. We do expect an active season during Q2 and Q3.

潛水和重型起重業務具有季節性，Epic Hedron 目前處於閒置狀態，預計將於 5 月投入使用。我們確實預計第二季和第三季將會是一個活躍的季節。

Moving to slide 18, our CapEx forecasts for 2025 is heavily impacted by the dry docks and maintenance period on our vessels. The Seawell and Q7000 completed their dry docks in Q1. The Q5000 is currently in dry dock with a forecasted completion at the end of May.

轉到第 18 張投影片，我們對 2025 年資本支出的預測受到船舶乾船塢和維護期的嚴重影響。Seawell 和 Q7000 於第一季完成了乾船塢建造。Q5000 目前正在幹船塢，預計將於 5 月底完工。

We are low in our CapEx range for 2025 to $65 million to $75 million. The majority of our CapEx forecast continues to be maintenance and project related, which primarily falls into our operating cash flows.

我們的 2025 年資本支出範圍較低，為 6,500 萬美元至 7,500 萬美元。我們的資本支出預測大部分仍與維護和專案有關，主要涉及我們的營運現金流。

Reviewing our balance sheet, our funded debt of $319 million at March 31st is expected to decrease by a further $4 million and 25 with the scheduled principal payments on our merit debt. We expect to execute on our share repurchase program with the target repurchase of at least 25% of free cash flow to coincide with our cash generation.

檢視我們的資產負債表，截至 3 月 31 日，我們的已償債務為 3.19 億美元，預計隨著我們優質債務的預定本金支付，將進一步減少 400 萬美元和 25%。我們預計將執行股票回購計劃，目標回購至少 25% 的自由現金流，以配合我們的現金產生。

At this time, I'll turn the call back to Owen for discussion on our outlook for 25 and beyond and for closing comments.

現在，我將把電話轉回給歐文，討論我們對 25 年及以後的展望並徵求最後意見。

Thanks Erik. Well, it's very hard to process the pace and impact from all the changes that are occurring in the market since last quarter. It'd be easy to tell you that we just don't know what to expect and to not provide guidance revisions. However, we felt the right thing to do is to let you know where we believe 2025 could shake out and what the future holds based on what we know and expect at present.

謝謝埃里克。嗯，很難處理自上個季度以來市場發生的所有變化的速度和影響。我們很容易告訴你，我們只是不知道會發生什麼，並且不會提供指導修訂。然而，我們認為正確的做法是讓您了解我們認為 2025 年會發生什麼，以及根據我們目前所知和預期，未來會發生什麼。

Last quarter we reported to you that we felt good about where we are and that we were confident as we were looking forward. This is still true for the long-term. The long-term demand for our services is still strong. The multi-year contracts we put in place on the Q5, Q7, SH1, and SH2 are solid examples of that customer demand and provide meaningful resilience to any near or midterm volatility.

上個季度我們向大家報告，我們對目前的狀況感到滿意，並且對未來充滿信心。從長期來看，這仍然是正確的。對我們服務的長期需求依然強勁。我們為 Q5、Q7、SH1 和 SH2 簽訂的多年期合約就是客戶需求的有力證明，並且能夠有效抵禦任何近期或中期波動。

Helix is performing well with a few market-driven exceptions. The most significant negative impact to our previously expected results is in the UK sector of the North Sea. Much of the previously identified work has simply been canceled for 2025, not fully due to tariffs, but due to government policy from the current administration. M&A activity such as reps all merging with NIO and Shell combining its UK assets with Ecuador has frozen somewhat the work to a large extent that these giants were planning.

除少數市場驅動的例外情況外，Helix 表現良好。對我們先前預期的結果產生最重大負面影響的是北海的英國海域。先前確定的大部分2025年的工作都被取消了，這並非完全是因為關稅，而是因為現任政府的政策。諸如特斯拉與蔚來汽車合併、殼牌將其英國資產與厄瓜多爾合併等併購活動，在很大程度上凍結了這些巨頭正在計劃的工作。

The UK government is seemingly hellbent on their no oil stands with permits difficult to obtain in the windfall profits tax remaining in place despite yielding lower tax revenues. On top of this, there's the forecast for lower commodity pricing, resulting in all producers lowering their spending levels. These factors would be expected to accelerate abandonment work, and it likely will, but it just won't be in 2025. The UK North Sea is for the most part a spot market, so this will meaningfully impact us.

英國政府似乎堅持堅持不開採石油的立場，儘管暴利稅的稅收收入較低，但仍保留，因為許可證很難取得。除此之外，預計大宗商品價格將會下降，導致所有生產商都會降低支出水準。預計這些因素將加速廢棄工程，而且很可能會加速，但不會在 2025 年實現。英國北海大部分是現貨市場，因此這將對我們產生重大影響。

We're stacking the Seawell potentially for all of 2025 and potentially or potentially repurposing her to another region depending on what the indications are for 2026.

我們可能會在 2025 年全年停泊 Seawell，並且根據 2026 年的跡象，可能會或可能不會將其重新用於其他地區。

The rest of the company is performing well with puts and takes too numerous to cover but should allow us to achieve results consistent with previous market consensus with the exception of the UK. We estimate the net negative impact to 2025 expectations to be approximately $75 million. So accordingly, we're revising our guidance for 2025 to 2075 plus or minus 10%.

該公司其餘部分錶現良好，看跌期權和看漲期權數量太多，無法一一涵蓋，但應該可以讓我們實現與先前市場共識一致的結果（英國除外）。我們估計，對 2025 年預期的淨負面影響約為 7,500 萬美元。因此，我們將對 2025 年至 2075 年的指導進行上下 10% 的修訂。

And as we are seeing on a real-time basis, things can and do always change. The UK government could capitulate on its anti-oil stance or the abandonment work could proceed sooner. The US shallow water Gulf of Mexico work could proceed sooner than our expectations of 2026.

正如我們實時看到的那樣，事情總是會發生變化。英國政府可能會放棄其反石油立場，或者放棄石油的工作可能會提前進行。美國墨西哥灣淺水區工程可能比我們預期的2026年更早開工。

Our robotics work could be stronger or weaker given the dynamic market factors for offshore wind, with global positive bias offset by potential softness in the US East Coast. There are many variables, but this is our transparent and prudent assessment at this time.

考慮到離岸風電的動態市場因素，我們的機器人工作可能會更強或更弱，全球的積極偏見被美國東海岸的潛在疲軟所抵消。雖然存在著許多變數，但這是我們目前透明且審慎的評估。

As I mentioned at the opening of this call, we believe in the existing opportunities in the market we serve. We believe in our ability to provide value-enhancing services to our customers. We believe in our ability to provide value to our shareholders. Our results will be subject to the volatile cyclical nature of our industry and our sector is under pressure. But Helix is resilient and with significant backlog and robust balance sheet, we're well positioned to the store. Erik

正如我在本次電話會議開始時提到的那樣，我們相信我們所服務的市場中存在著機會。我們相信我們有能力為客戶提供增值的服務。我們相信我們有能力為股東提供價值。我們的業績將受到產業波動週期​​性的影響，而且我們的產業正面臨壓力。但 Helix 具有韌性，擁有大量積壓訂單和強勁的資產負債表，我們在商店中佔據有利地位。艾瑞克

Thanks so one operator at this time, we'll take questions.

謝謝，現在有一位接線員，我們將回答您的問題。

Thank you. We will now begin the question and answer session. (Operator Instructions) James Rollyson; Raymond James.

謝謝。我們現在開始問答環節。（操作員指示）詹姆斯·羅利森；雷蒙德·詹姆斯。

Hey, good morning, Owen, Erik, and everyone, Scotty.

嘿，早上好，歐文、艾瑞克，還有大家，史考蒂。

One, Erik, just to confirm, so the $70 million revenue change in well intervention revenues that is essentially all North Sea.

首先，艾瑞克，我確認一下，油井幹預收入中 7,000 萬美元的收入變化基本上都來自北海。

Yeah, there are some positives in there, so, yeah, that's the net overall I think the net impact to the North Sea is actually greater than $70 million.

是的，這其中有一些積極的因素，所以，是的，總體而言，我認為對北海的淨影響實際上超過 7000 萬美元。

Got it. And no one, I know we've talked in the past, but I mean a lot of crazy things going on at the moment. But when you think about the North Sea market over the next 2,3, 4, 5 years, there seems like there's a tremendous amount if the government stays on the track that it's on, there's a tremendous amount of P&A that ultimately has to get done. Maybe just kind of your view of how that plays out and how you think about the time horizon of that work.

知道了。沒有人，我知道我們過去談過，但我的意思是目前正在發生很多瘋狂的事情。但當你考慮未來 2、3、4、5 年的北海市場時，如果政府繼續沿著目前的軌道前進，似乎就會有大量的 P&A 工作需要完成。也許只是您對事情如何發展以及您對這項工作的時間範圍的看法。

Well, but, oh, I'll tell you, James, there's, we're working on at least 3 really large P&A project, tenders right now. They're due to start in '26. Given the history, you know that could slide a little bit, but right now everyone is doing the engineering and the tendering process is underway. In fact, I'm on my way over there, in the near future to talk directly with some of the clients.

好吧，但是，哦，我會告訴你，詹姆斯，我們現在正在進行至少 3 個真正大型的 P&A 項目招標。他們將於 26 年開始工作。從歷史來看，您知道這可能會略有下滑，但現在每個人都在進行工程設計，招標過程正在進行中。事實上，我近期正在前往那裡，與一些客戶直接交談。

It's work that we're very well positioned for and we do expect to see that work, starting to commence in 2026.

我們已經為這項工作做好了充分的準備，我們確實希望看到這項工作在 2026 年開始動工。

So it kind of sets you up for a near term drag obviously but pick it up on the back end, I guess.

因此，我猜這顯然會讓你在短期內遇到阻力，但在後端會得到緩解。

On the, macro uncertainty and kind of what's happened with share prices and just in general context of what the market's seeing and doing, how do you think about, last couple quarters we've talked about free cash flow and what do you do with it and you know the options that I recall were M&A potential and obviously share repurchases and I believe your preference at the time was kind of maybe not oil field M&A because things were elevated in price, but maybe more on the wind side, maybe a little color on how that's evolving and how does this downdraft make you more likely to pursue M&A or more likely to kind of keep dry powder and pursue (inaudible)?

關於宏觀不確定性、股價走勢以及市場總體情況，您如何看待過去幾個季度我們討論的自由現金流以及您如何處理它，您知道我記得的選擇是併購潛力，顯然是股票回購，我相信您當時的偏好可能不是油田併購，因為油價上漲了，但可能更有氣流並可能是風向因素，也許可以稍微了解一下如何發展，這種情況下裕（聽不清楚）？

I think in this market, James, with the pricing levels of the companies and the uncertainty in the market, M&A, even if the opportunities exist, they're difficult to close, so I think our priority right now is always being open to M&A but starting to really focus on the share repurchase.

詹姆斯，我認為在這個市場中，考慮到公司的定價水平和市場的不確定性，即使存在併購機會，也很難完成，所以我認為我們現在的首要任務是始終對併購持開放態度，但開始真正關注股票回購。

Got it. I appreciate the answers. I'll turn it back for others to ask questions.

知道了。我很感謝大家的回答。我會將其轉回去以便其他人提問。

James Schumm; TD Cowen.

詹姆斯·舒姆；TD·考恩。

Close enough. Good morning, guys. Okay, so I guess, I think for me that and for a lot of the investors, I think that people were surprised by the magnitude of the guide down, you guys did a great job of really contracting a lot of your vessels and locking up vessels on long-term contracts and I and so I think maybe it would be helpful.

夠接近。大家早安。好的，所以我想，我認為對我以及許多投資者來說，人們對指南下調的幅度感到驚訝，你們在簽訂大量船隻合約和鎖定長期合約方面做得很好，所以我認為這可能會有所幫助。

To give us some sort of bridge on the lowered EBITDA guidance. So where is the $75 million coming from? Clearly a lot of that is the UK North Sea, but is there a way to help us think about like UK North Sea EBITDA is a negative swing of X. Robotics is negative y, and shallow water is going to be negative Z of that 75. I'd imagine production facility is not that much different, lower oil prices on Droshky, but I would think that's only, modest couple million impact to the guide. So, any color there would be really helpful.

為我們提供降低 EBITDA 指導方面的某種幫助。那麼這7500萬美元從哪裡來呢？顯然，其中很大一部分是英國北海，但有沒有辦法幫助我們思考，例如英國北海的 EBITDA 是 X 的負向波動。機器人是負 y，而淺水將是 75 的負 Z。我認為生產設施不會有太大差異，Droshky 的油價較低，但我認為這對指南的影響只有幾百萬。所以，任何顏色都會很有幫助。

Let me, just add a little color before giving the question to (inaudible).

讓我在提出問題之前先添加一點色彩（聽不清楚）。

It's a valid question, but it's very difficult in this market right now, to be precise on different segments. Having said that, if it weren't for the North Sea, I don't think that we would have changed our guidance. We might have guided to the lower half of the range, but the main reason for the lowering of our guidance here is just to try and deliver guidance that we have a high degree of confidence in and the magnitude is primarily the North Sea.

這是一個合理的問題，但在目前的市場上，要準確回答不同細分市場的問題非常困難。話雖如此，如果不是因為北海，我認為我們不會改變我們的指導方針。我們可能已經將指導範圍控制在下半部分，但降低指導範圍的主要原因只是為了嘗試提供我們高度信任的指導，而幅度主要是北海。

Yeah, and I think that's right. I think when you look at it at the guide down, predominantly driven by the stacking of the Seawell and what's happened in that market, I think we recognize that there are, it's a little bit more of a negative undertone to the overall market. So there's been, some adjustments on the on the fringes of some of the other ones, but nothing significant as far as that goes, we probably have lost a little bit of upside potentials that we had given the negative market to now, but the primary driver is the North Sea.

是的，我認為這是對的。我認為，當您查看指南時，主要受 Seawell 的堆疊以及該市場發生的事情的影響，我認為我們認識到，這對整個市場來說是一個比較負面的基調。因此，在其他一些因素的邊緣有一些調整，但就目前而言沒有什麼重大影響，我們可能已經失​​去了現在給予負面市場的一點上行潛力，但主要驅動力是北海。

Okay, thanks guys and then you know maybe it would be helpful and I don't know if this is maybe a question for Scotty, but maybe we could do a little bit of a not a deep dive on the UK North Sea operations but just help us frame like how to think about maybe like what was the peak EBITDA contribution annually from the UK North Sea assets a couple of years ago. What does the trough look like, assuming you sort of stack the Seawell.

好的，謝謝大家，然後你知道這也許會有所幫助，我不知道這是否是給斯科蒂的一個問題，但也許我們可以對英國北海業務進行一點深入研究，但只是幫助我們構建框架，比如如何思考幾年前英國北海資產每年的峰值 EBITDA 貢獻是多少。假設您將 Seawell 堆疊起來，那麼槽是什麼樣子的？

What are the warm stack costs per day on the Seawell, and then just what do you, finally like what's the outlook for that business? I know it's tough, but I mean you talk about P&A accelerating, why can't they just kick the can down the road? Like why, what does 2026 look like do you think? And why doesn't that P&A activity just get pushed to the right?

Seawell 每天的熱堆成本是多少？您最終認為這項業務的前景如何？我知道這很難，但我的意思是，你說的是 P&A 加速，為什麼他們不能把問題拖到以後再解決呢？例如為什麼，您認為 2026 年會是什麼樣子？那麼，為什麼 P&A 活動沒有被推到右邊呢？

So James, I'll go ahead and start and then pass it on to Scotty to frame more of the market. I think if you go back the last couple of years, you could say for a two vessel market that probably represents the recent peak for our North Sea activities. I think our biggest year was back in 2014, but if You go back the last couple of years, I think they're fairly similar generating EBITDA in in the $80.90 million dollars dollar range. I think the trough we've had a couple of those in the recent years, obviously COVID leading one, and it's really ends up being, you get to say slightly above break even from that standpoint. So you know that provides at least boundaries for peak and trough of that well intervention market.

所以詹姆斯，我會繼續開始，然後將其傳遞給斯科蒂，以建立更多的市場。我認為，如果回顧過去幾年，你會發現雙船市場可能代表了我們北海活動的近期高峰。我認為我們業績最好的一年是 2014 年，但如果回顧過去幾年，我認為它們的 EBITDA 相當相似，都在 8,090 萬美元左右。我認為，近年來我們已經經歷了幾次低谷，顯然是新冠疫情引領的，從這個角度來看，最終的結果實際上是略高於盈虧平衡點。所以你知道這至少為井幹預市場的高峰和低谷提供了界限。

That's really helpful, Erik, and just to clarify that is for both vessels, right? Like, so roughly 40 to 45 per vessel, something like that. On the peak.

這真的很有幫助，埃里克，我只是想澄清一下，這對兩艘船都適用，對嗎？例如，每艘船大約 40 到 45 美元，諸如此類。在峰頂。

Right. Yeah, okay, great.Thank you.

正確的。是的，好的，太好了，謝謝。

I think it's important to note that we haven't lost any work. The work's just been paused at the moment for all the factors that we've put out there, the mergers, the oil price, the government tax system, and it did surprise us, but the work's just been paused and pushed out to the right and then there are some significant tenders, as Owen said out there.

我認為值得注意的是，我們沒有失去任何工作。由於我們提出的所有因素，包括併購、油價、政府稅收制度，這項工作目前都暫停了，這確實讓我們感到驚訝，但正如歐文所說的那樣，這項工作只是暫停並被推向了右邊，然後出現了一些重要的招標。

We've been here before and we've teetered around and listened to the operators and thought that we would either not stack the boat and wait around for work this year. We've just said, okay, we're going to make our own decision here. We're going to stack the boat, get down to the lowest cost base we can rather than waiting around and getting caught out like we have done in the past. So we've got the vessel on the way. We're reducing the staff levels right now to the minimum coastguard requirement to keep the vessel safe and active.

我們以前來過這裡，我們猶豫不決，聽取了操作員的意見，並認為我們今年要么不堆放船隻，要么等待工作。我們剛剛說，好吧，我們將自己做出決定。我們要把船堆起來，盡可能降低成本，而不是像過去那樣等待並陷入困境。我們已經讓船出發了。我們正在將工作人員數量減少到海岸警衛隊的最低要求，以確保船隻的安全和正常運作。

And the cost should be below 30,000 a day on that vessel as we go forward. Hopefully, we'll get them down lower, but that's sort of a prediction going forward from the end of this month. We're in the process of stacking the vessel right now.

隨著我們繼續前進，該船的每天成本應該低於 30,000 美元。希望我們能把它們降得更低，但這只是對本月底的預測。我們現在正在堆放船隻。

Okay great and then just lastly on the outlook, I know it's difficult in this environment, but what do you could. Yeah, if this year is break even from an EBITDA standpoint, what's your best guess on next year?

好的，太好了，最後談談前景，我知道在這種環境下很困難，但你能做什麼呢？是的，如果從 EBITDA 的角度來看今年是收支平衡，那麼您對明年的最佳預測是什麼？

It, it's hard to say right now. I mean, I'd like to think we go back into positive territory where there's a lot of work out there. If that happens, we should get back to more of a normalized year.

這，現在還很難說。我的意思是，我想我們能夠回到積極的領域，那裡有很多工作要做。如果發生這種情況，我們應該會回到更正常的一年。

Likewise, with the low oil price, we're concerned that that work in '26 could push out, but at the moment what we're hearing from the operators is work is there in '26 and it should go back to a normalized year. We could actually go back to work this year and we're setting the vessel up that if we have to reactivate, we can reactivate quickly within 2 to 3 weeks. We're just making sure that we take care of our own business in this environment at this time.

同樣，由於油價低迷，我們擔心 26 年的工作可能會受到影響，但目前我們從運營商那裡聽到的消息是 26 年的工作仍然存在，應該會恢復到正常水平。我們實際上可以在今年重返工作崗位，我們正在設置船隻，如果我們必須重新啟動，我們可以在 2 到 3 週內迅速重新啟動。我們只是確保在目前的環境下處理好自己的事。

And then sorry for but it's all related so like maybe just lastly for me, how do you think of like how do the operators think about the activity in the oil price environment so are we, robust activity in the mid-70s and depressed activity in the low 60s, does it dry up in the 50s, like just how do you think they typically respond to the different oil prices?

然後很抱歉，但這一切都是相關的，所以也許最後對我來說，您如何看待運營商如何看待油價環境中的活動，我們也是如此，70 年代中期活動強勁，60 年代初期活動低迷，50 年代是否會枯竭，您認為他們通常如何應對不同的油價？

Again, it's sort of hard to call the North Sea right now a usual cycle because I think there's a lot of posturing between the government and the producers right now with several of the producers saying that they're going to exit the North Sea, in which case, the government is saying, okay, well then.

再說一次，現在很難說北海處於正常的周期，因為我認為現在政府和生產商之間有很多姿態，一些生產商表示他們將退出北海，在這種情況下，政府會說，好吧，那就這樣吧。

Abandon your properties and that'll kick off and that's the posture that they're taking right now is that the North Sea is going to shift to an abandonment market kicking off in 2026. I think most of the announcements that I've seen is a big abandonment projects between '26 and 2030, so that would be a big positive. But as I said in my comments, it could be, this stance is not good for the UK Chancellor, the increasing the excess profit tax is actually leading to lower tax revenues.

放棄你的財產，這將開始，這就是他們現在採取的姿態，北海將在 2026 年開始轉向放棄市場。我認為我看到的大多數公告都是 2026 年至 2030 年之間的大型廢棄項目，所以這將是一個很大的積極因素。但正如我在評論中所說，這種立場對英國財政大臣來說可能並不好，增加超額利潤稅實際上會導致稅收減少。

So, there's meetings going on and posturing occurring between the producers and the government. You do have some producers that are North Sea captives though they don't have assets anywhere in the rest of the world, so I think they're taking a pause this year with the uncertainty in the commodity pricing, with fears of recession and further down downsizing at that $50 a barrel, I think you see we're really starting to dry up right now I think it's politically motivated as long as it stays in the 60 to 70 range. I think you could see the producers start to become more active again in the North.

因此，生產商和政府之間正在舉行會議並擺出姿態。確實有一些生產商是北海的俘虜，儘管他們在世界其他任何地方都沒有資產，所以我認為他們今年會暫停生產，因為大宗商品價格的不確定性，對經濟衰退的擔憂以及在每桶 50 美元的情況下進一步縮減產量，我認為我們現在真的開始枯竭了，我認為這是出於政治動機，只要它保持在 60 範圍到 70 的範圍內。我認為你會看到北方的生產商開始再次變得更加活躍。

Got it, guys, thanks for all the color. I appreciate it.

明白了，夥伴們，感謝你們的貢獻。我很感激。

David Smith; Pickering Energy Partners.

大衛史密斯 (David Smith)；Pickering Energy Partners。

Hey, good morning. Thank you for taking my question.

嘿，早安。感謝您回答我的問題。

Good morning.

早安.

Not to be the dead horse, but I wanted to circle back to the longer term opportunities for the North Sea whale Intervention vessels and specifically was hoping for a call on how you see opportunities for those vessels to work in other regions, would it be opportunistic opportunities like the Seawell's last program in the Mediterranean. Yeah, is it repurposing for other regions that could include meaningful CapEx and also when would you want to make that decision to pursue work in other regions versus holding out for a more active P&A market, in the UK next year.

我不想再重複老話，但我想回到北海鯨魚幹預船的長期機會，特別是希望您能談談您如何看待這些船隻在其他地區工作的機會，這是否是像 Seawell 在地中海的最後一個項目那樣的機會。是的，它是否會重新用於其他地區，這可能包括有意義的資本支出，而且您何時會決定在其他地區開展工作，而不是堅持到明年在英國進入更活躍的 P&A 市場。

There probably is work in the rest of the world for the sea world to go do, but I'll be honest with you, the two vessels in the North Sea are depth limited. They were designed and built for the North Sea. Most of the other regions of the world require greater depth capability So in order to really redeploy they see well it would take some capital upgrades we're working on those right now but I think it's too early to make that decision that that's what we're going to do because as I said before, we do expect the market to start to recover in 2026, which is one of the reasons why our backing costs are a bit high now and as Scotty said we could remobilize the vessel in a couple of weeks.

世界其他地方可能也有工作需要海洋世界去做，但我要坦白告訴你，北海的兩艘船的深度是有限的。它們是為北海設計和建造的。世界上大多數其他地區都需要更大的深度能力，因此，為了真正重新部署，他們清楚地看到需要進行一些資本升級，我們現在正在努力實現這些升級，但我認為現在就做出這個決定還為時過早，因為正如我之前所說，我們確實預計市場將在 2026 年開始復蘇，這也是我們現在的支持成本有點高的原因之一，正如斯科蒂所說，我們可以在幾週內重新啟動。

So we're in the process of trying to assess just how strong the market will be, whether the Seawell stays there, which is obviously our first preference or as an option. What does it cost to target the other regions where we know that there's work, but we would have to spend some capital to make the Seawell compliant.

因此，我們正在嘗試評估市場到底有多強勁，Seawell 是否會留在那裡，這顯然是我們的首選或作為一種選擇。針對我們知道有工作機會的其他地區需要花費多少錢，但我們必須花費一些資金來使 Seawell 符合要求。

Appreciate that. And follow-up question with the Q4000 departing Nigeria this month. I'm curious if there were other opportunities for work in the region that just didn't pan out in time or if it was a stronger demand pool to return to the US Gulf and related, are you seeing any signs of pricing pressure for new work in the US Gulf heavy well intervention market?

非常感謝。後續問題是關於本月離開尼日利亞的 Q4000 航班。我很好奇，該地區是否還有其他工作機會，只是沒有及時實現，或者是否有更強勁的需求池促使人們重返美國墨西哥灣及相關地區，您是否看到美國墨西哥灣重型井幹預市場新工作面臨價格壓力的跡象？

Okay, so I'll take that one. Currently we came back to the Gulf or we're on the way back to the Gulf because we completed the Exxon contract. There was other operators interested in doing work, but they didn't order long lead items in time, so that made us take our decision to come back. We also have contracted work in the Gulf, so, we'll be coming back here, we'll get back around June, and then we'll be going, doing some modifications to the vessel and then going straight back out to work. So we've always said we want to protect our Gulf of Mexico market.

好的，那我就選這個了。目前我們已經返回墨西哥灣，或者正在返回墨西哥灣的路上，因為我們完成了埃克森美孚的合約。還有其他業者有興趣做這項工作，但他們沒有及時訂購長交貨期的物品，因此我們決定回來。我們還在海灣地區承包了工作，所以，我們會回到這裡，大約在六月回來，然後我們會對船隻進行一些改裝，然後直接回去工作。因此我們一直說我們要保護我們的墨西哥灣市場。

I do think in the future the Q4 or the Q5 may venture back to Africa. There's definitely work scopes over there, but at this time, we have work here and it's good work. It's well priced work. We're not at this time, seeing pricing pressure. I think we've said previously that the pricing has sort of stabilized. I don't see our prices going up very much, but we have the backstop of the Shell contract that allows us to put all the other operators onto the Q4000, so, I'd say that's our current state of play right now.

我確實認為未來 Q4 或 Q5 可能會重返非洲。那邊肯定有工作範圍，但目前，我們在這裡有工作，而且是很好的工作。這是一件價格合理的作品。目前我們還沒有看到定價壓力。我想我們之前已經說過價格已經趨於穩定。我認為我們的價格不會上漲太多，但我們有殼牌合約的支持，允許我們將所有其他運營商納入 Q4000，所以，我想說這就是我們目前的狀況。

Appreciate it. That's all for me.

非常感謝。對我來說就這些了。

Thank you.

謝謝。

Greg Lewis; BTIG.

格雷格·劉易斯；BTIG。

Hey thank you and good morning and thanks for taking my question. Just two quick ones for me. One is, you called out the drag in revenue and well intervention being in the North Sea, is that, is it safe to extrapolate that the weakness and the challenges in the UK are also what drove the guide downs in robotics and SWA.

嘿，謝謝你，早安，謝謝你回答我的問題。我只想簡單說兩句話。一是，您指出北海地區收入和油井幹預業務受到拖累，那麼，是否可以安全地推斷，英國的弱點和挑戰也是導致機器人和 SWA 指導業務下滑的原因。

Yeah, I think Greg, I think what we did is took into consideration the current negative macro backdrop as we looked at our opportunities within those areas, I think it's just a small shift in those recognizing the current environment.

是的，我認為格雷格，我認為我們所做的就是考慮到當前的負面宏觀背景，因為我們在研究這些領域內的機會，我認為這只是對當前環境認識的一個小小的轉變。

Okay, so, but as we think about like robotics and SWA in a place like the US Gulf of Mexico, that that was more flattish or potentially additive like it was in well intervention.

好的，但是當我們考慮像美國墨西哥灣這樣的地方的機器人和 SWA 時，它會更加平坦或具有潛在的附加性，就像在井下乾預中一樣。

Yes, for shallow water it's more flattish year over year activity is expected to remain broadly flat. However, year over year profitability is slightly up as a consequence of our cost reduction measures, but again, broadly flat and really the big impact is on the North Sea.

是的，對於淺水區來說，年比來看，水位更加平穩，預計活動將基本保持穩定。然而，由於我們採取了降低成本的措施，獲利能力比去年同期略有上升，但總體持平，而且真正受到最大影響的是北海地區。

Okay, great. And then just the other one on the kind of the EBITDA guide margin at the midpoint, you know that there was that step down is that really a function of you have the what was it, which one, the enhancer which was an asset now it's, costing money or are there is there any other drivers of that guide down in the EBITDA margin.

好的，太好了。然後，關於中點的 EBITDA 指導利潤率的另一個問題，您知道存在這種下降，這實際上是您所擁有的是什麼，哪一個，增強器，它是一項資產，現在它正在花錢，或者是否有任何其他驅動因素導致 EBITDA 利潤率下降。

So by far the most significant reason for the for the guide down was the stacking of the Seawell. So yeah, I think absent that Greg, I think more than likely we would have just been a qualitative update with the recognizing the negative environment and guiding towards the lower range, but with the with the step down on the on the Seawell it was it was a step down that we had to account for.

因此，到目前為止，導致指南失效的最重要原因是 Seawell 的堆積。所以是的，我認為如果沒有格雷格，我們很可能只會進行一次定性更新，認識到負面環境並引導至較低的範圍，但隨著 Seawell 的下降，我們必須考慮到這一下降。

Super helpful, thank you very much.

非常有幫助，非常感謝。

I'd just like to get a little broader on a couple of points that were mentioned rates got right on well I mentioned, I don't think that we're seeing any downward pressure right now on our rates. We're able to hold those. The North Sea, I think is a decrease in utilization, more so than rates, especially if we're limiting the supply to the market, we should be able to maintain better rates, but that remains to be seen on the shallow water Gulf of America, abandonment work, I think that the utilization is going to remain weak. Our cost basis is better, and we are seeing some downward pressure on pricing there as all of the contractors become competitive in this market for this year anyway.

我只是想更廣泛地談談我提到的幾個觀點，利率情況很好，我認為我們現在沒有看到利率面臨任何下行壓力。我們能夠保住這些。我認為北海的利用率下降幅度大於費率下降幅度，特別是如果我們限制市場供應，我們應該能夠維持更好的費率，但這在美國灣淺水區的廢棄工作中仍有待觀察，我認為利用率將保持疲軟。我們的成本基礎更好，我們看到那裡的定價面臨一些下行壓力，因為無論如何，今年所有承包商在這個市場上都變得具有競爭力。

There are no further questions at this time, I would now like to turn the conference back over to Mr. Erik Staffeldt for closing remarks. Please go ahead.

現在沒有其他問題了，現在我想將會議交還給埃里克·斯塔費爾特先生作結束語。請繼續。

Thanks for joining us today. We very much appreciate your interest and participation and look forward to having you on our second quarter 2025 call in July. Thank you.

感謝您今天加入我們。我們非常感謝您的關注和參與，並期待您參加我們 7 月份的 2025 年第二季電話會議。謝謝。

Ladies and gentlemen, that concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。